HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, has announced the completion of an incremental investment of £7.5 million (US$9.6 million) in the Medium Support Helicopter Aircrew Training Facility project.

HICL has invested £7.5m by way of an RPI-linked note to fund an upgrade in the visual systems in the simulators, keeping the facility at the leading edge of technology and capability. The improvements will ensure that the military personnel who use the simulators are able to receive the best possible training. The upgrade to the visual system is being carried out by CAE Inc., which is the partner on the project.

The Medium Support Helicopter Aircrew Training Facilities project is a 40 year concession (with a break option exercisable by the client after 20 years) to finance, construct, operate, and maintain a simulator-based training facility for Royal Air Force (RAF) helicopter pilots.

The project involves capital expenditure of approximately £100 million (US$128 million). Financial close occurred in October 1997.

The investment by the HICL Group was funded through cash resources arising from the Company's recent equity fundraising.